Thursday, August 22, 2019

Nordstrom beats profit estimates as it clears inventory faster and sells more online

Yahoo Finance
Upscale U.S. retailer Nordstrom Inc reported a better-than-expected quarterly profit on Wednesday as it said it had cut costs and cleared more inventory, sending its shares up 10% in extended trading.

The Seattle-based company, which sells everything from apparel and footwear to home decor, said digital sales rose 4% for the second quarter ended Aug. 3, although weaker sales at both its full-price department stores and off-price Nordstrom Rack stores dragged total revenue down 5% to $3.87 billion. . . . more